November and December seem to be the months we are rained upon with charitable organization solicitations. Some of the groups, such as the American Red Cross, the Salvation Army, United Way, and the American Cancer Society are household names. Others are less known. Here are...
If you have children younger than 19 years old (or 24 if a full-time student) coordinate the filing of their taxes with yours. How they file is a matter of tax law. The problem Your child is away for college. You try to file your tax return...
40% of the workers in the Sharing Economy are unaware of their tax responsibilities. Over 60% of the service provider companies are not training their new workers on their tax responsibilities. Source: Written statement of Nina E. Olson, National Taxpayer Advocate given at the Hearing on “The...
The tax code uses jargon that can be confusing for the unwary. One of them that impacts most of us is the term “unearned” income. Unearned income is often defined as anything that is not “earned” income. If you find this kind of definition a...
Here are five tax saving ideas that can be used by most taxpayers. But act soon, there are only a few months until our tax year comes to an end. 1 Make a late-year charitable donation. Even better, make the donation with appreciated stock you have owned...
There's usually an element of relief after your annual tax return has been filed. But what do you do if you find an error on your tax return? Should you always file an amended return? Here are some things to consider. Errors in the IRS' favor Errors...
There are new tax filing deadlines effective for 2016 tax returns. Here are the major changes worth noting. Small Business Partnership and Limited Liability Corps Small businesses that are organized as a partnership or limited liability companies filing Form 1065 must file their tax return on or...
A common misconception in tax filing has been that if you use the Standard Deduction versus itemizing your deductions you have few additional benefits available to reduce your tax bill. This is often not the case. Standard or Itemize? Every taxpayer can take the Standard Deduction to...
Monday, October 17th marks the extension deadline for filing your 2015 Form 1040 Tax return. While most taxpayers have this event in the rearview mirror, if you have not filed a tax return, you still have a few weeks to get this done. Think you...
The Earned Income Tax Credit (EITC) credit was originally established in 1975 to give low and medium income taxpayers a break on their Social Security taxes while providing an incentive to work. Unfortunately, the EITC is often the subject of missed opportunity as the IRS...
